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financial services loan??

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Anonymous
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financial services loan??

Howdy follks,
 
 
                     I had a car loan that I just paid off today. It was a financial services company. I read these are not good for your credit. Will I see a score rise off of this for either paying off a car or getting rid of the F.S. loan?
 
Thanks!!
 
 
ex-630 tu-650 exfax -671
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Anonymous
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Re: financial services loan??



templarklimek wrote:
Howdy follks,
 
 
                     I had a car loan that I just paid off today. It was a financial services company. I read these are not good for your credit. Will I see a score rise off of this for either paying off a car or getting rid of the F.S. loan?
 
Thanks!!
 
 
ex-630 tu-650 exfax -671



Not necessarily.
 
Paying off your only installment loan will often hurt your credit mix, resulting in a small point loss.  Also, the loan will continue to report for ten years after it is closed.  You will be dinged for the mere presence of a CFL on your report, even long after the account itself is closed.
 
Are you sure your auto loan is a CFL, though?  Who is the lender?
 
Message 2 of 2
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